Banco BPI to sell 33.35% stake in Banco de Fomento Angola

Portuguese banking group Banco BPI has agreed to sell its entire 33.35% stake in Banco de Fomento Angola (BFA) to Congolian Financial, a company linked to the Angolan conglomerate Grupo Carrinho. The transaction involves a fixed payment of €388.5 million (approximately $452 million), with an additional €43.5 million due in May 2027. The final price may increase based on a variable component tied to BFA’s 2026 dividends.

This divestment marks the end of a long-term effort by BPI to reduce its exposure to the Angolan market, a process prompted by European Central Bank requirements in 2014. BPI’s presence in Angola dates back over three decades, beginning with the acquisition of Banco de Fomento e Exterior in 1996. The bank has historically seen significant returns from its Angolan operations, including hundreds of millions of euros in dividends and previous partial stake sales to Unitel.

The completion of the sale is subject to several conditions, including approval from the National Bank of Angola and confirmation from the Capital Market Commission that the acquisition does not trigger a mandatory public tender offer. Following the sale, Congolian Financial will become the second-largest shareholder in BFA, trailing Unitel.